Before we dive into how to convert your Stellar Lumen to Bitcoin, let’s take a quick look at what Stellar is.
According to the website, “Stellar is a platform that connects banks, payments systems, and people. Integrate to move money quickly, reliably, and at almost no cost.”
The native coin used is called Lumens (XLM) and Stellar can also support other tokenized assets on its blockchain.
Stellar is the payment network and Lumens is the cryptocurrency. This entire operation is looked after by a non-profit called Stellar.org
Why do people like Stellar?
- Stellar is open source, distributed and community owned.
- Stellar supports other tokens as well.
- Stellar can handle ICOs much like Ethereum.
- Stellar is able to handle exchanges between crypto-currencies and fiat currencies.
- Transaction fees are very low
- Transaction speed is very fast
- Network si secured via the Stellar Consensus Protocol.
- Stellar.org that oversees Stellar is non-profit and is open source and decentralized.
Stellar is in direct competition with Ripple for being a digital partner for banks and Ethereum for ICOs.
Finding the best XLM to BTC converter
To find the best platform to convert XLM to BTC, you need to look for a cryptocurrency exchange that:
- Is Secure: Look up the news to make sure this exchange has never been hacked and if it has what resolution was offered to their customers. A good exchange will reimburse their customers in full and then some.
- Is Trustworthy: Go through their website and read online reviews to make sure the exchange can be trusted. Several users become a victim of malicious websites that steal all their information. If the site does not have a HTTPS URL, do not use it.
- Has low transaction fees: Several exchanges charge exorbitant fees when it comes to transactions. This makes micro transactions next to impossible.
- Has low withdrawal fees: You need to find a platform that allows you to withdraw your coins without having a minimum limit or charge for a withdrawal.
- Offers the best exchange rates: This goes without saying but you should look for an exchange that offers the best rates possible. Since the rate can literally change in the middle of a transaction, always choose a website that has real-time data or uses trading bots to find you the best exchange rate.
- Has resources: For amateurs, this is possibly the most important point of all. Instead of relying on multiple platforms, an exchange that offers advice, information and allows you to keep with the latest news in the cryptocurrency space is what you should strive to find. This also includes information on wallets. For instance, if you are going to invest in Stellar Lumens, you should have all the information on the best XLM wallet.
- Has several options for buying: Instead of the usual exchange, the best cryptocurrency exchanges also allow you to directly buy coins with a credit card or a debit card.